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Comments due: CFPB (proposed rule; ‘seasoned’ qualified mortgage definition)

September 28

The Consumer Financial Protection Bureau (CFPB) proposes to create a new category of qualified mortgages (seasoned qualified mortgages, or seasoned QMs) for first-lien, fixed-rate covered transactions that have met certain performance requirements over a 36-month seasoning period, are held in portfolio until the end of the seasoning period, comply with general restrictions on product features and points and fees, and meet certain underwriting requirements.

Reg lookup: Qualified Mortgage Definition Under the Truth in Lending Act (Regulation Z): Seasoned QM Loan Definition

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Date:
September 28
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